Thanks for the post. This is also something I’ve also never understood about crypto - but I’d also acknowledge that maybe I’m naive to its actual function/purpose.

To me it just seems like a pump and dump scheme where the only tangible value it carries is others confidence that it will somehow, some way carry a real-life application/valuation. Currency backed by a government gives confidence/buying power and I guess at the end of the day a 100$ bill is just a piece of cloth - you can’t create technological components with it which is why I like the example you gave, supply and demand. And I’m not in love with the treasury or the methods in which they devalue the currency to spare themselves financial ruin (bail outs etc). And in that sense I see a dollar much like I see a bitcoin, the governments just beat them to the punch in terms of applicability.

I also understand that a lot of crypto advertises that it is immune to this sort of manipulation, static amount of coins, etc - but until you can apply it in the same way as cash in any situation I just don’t get it and i don’t think anyone invests in crypto for those reasons, i think they invest to make an actual dollar off some other sucker who bought into the ideologies.